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- The NFT (Non Fungible Token) space has gone through a surge in popularity over previous year, and half as collectibles such as CryptoPunks and BAYC got huge attention.
- While the notion of involving 6 figure payday for newest trending virtual art piece remains a prime factor in attention placed on space.
- In reality, crypto sector has only scratched the surface regarding what kind of NFT technology holds in it. Let’s look at some of its upcoming frontiers in its development.
Identity and Medical History
Identity docs and medical history are essential components of information that can be lost easily but cannot be recovered quickly, even in this digital revolution. This is that area where NFT technology can provide broad-ranging practical use cases where the majority of folks in society can take perks from.
Rather than depending on medical sector giants to secure their information, distinct NFT ledger will contain all the details, and users don’t need to rely upon the organizations.
With virtual identification, folks will be able to restrict what details are shared when identifying information is needed, like an app verifying if an individual is more than 21 years old, without showing rest of the information.
Asset Tokenization and Real Estate
Real estate and other real-world assets’ tokenization, is perhaps, among the most paradigm-shifting applications for NFT tech for its implications on several sectors.
Apart from tracing and verifying item ownership, asset tokenization will ultimately enable them to be used in several DeFi applications.
Ultimately, folks can utilize NFT representing their housing deed as collateral of DeFi protocol, allowing them to borrow funds.
Patents And Intellectual Property
NFTs are ideal for tracing patents as well as intellectual property as they take the present copyrights and trademark system to next level by providing a route to prove content ownership.
Data-keeping abilities of blockchain enable for complete history of an IP piece to be time stamped and traced, providing a route to offer undeniable ownership.
Ticketing and Rewards Programs
One use case for Non Fungible Tokens is already being traversed and implemented in entertainment venues all across the globe, is pass or ticket creation for events. Ability to make limitless distinct NFTs enables venues such as sports arenas and concert halls to issue entry tickets as it can easily be transferred or validated.
Organizations can establish rewards programs where participants are offered NFTs which are utilized to trace activities and purchases inside the organization for reward motifs.
Exclusive Membership
NFT tech’s final application is a general utility token which performs a particular function such as membership verification to an exclusive club or offering accessibility to a particular service.
This is a function which is already being used by a number of NFT projects having Discord group and website which are only accessible after validating NFT ownership from that specific collection.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
